Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,855/mo
+$144/mo- Down payment
- $0
- Funds due
- $12,136
- Interest + MI left
- $267,493
- First ends
- Jul 2051
New loan
New conventional
$2,711/mo
Lowest payment- Down payment
- $32,499
- Funds due
- $41,683
- Interest + MI left
- $422,691
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $372,584 | $292,491 |
| Second mortgage | — | — |
| First P&I | $2,169.75 | $1,967.61 |
| Second P&I | — | — |
| Mortgage insurance | — | $58.50 |
| Taxes, insurance & HOA | $685.25 | $685.25 |
| Total housing payment | $2,855.00 | $2,711.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$12,136
Usable credit−$0
Total buyer cash needed$12,136
Earnest money paid−$0
Remaining funds due$12,136
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,862.92
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$828.75
Initial HOA (3 months)$777.00
Prepaid interest, first (4 days)$199.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 7 moOf the original 30-year loan at 4.875%
Interest already paid$103,618Through Dec 2026
Assumption only · ends Jul 2051$267,493
New conventional · ends Jan 2057$422,691